The Nigerian Senate has passed the Insurance Regulatory Commission Bill, 2026, repealing the nearly three-decade-old National Insurance Commission (NAICOM) Act of 1997 and introducing a stronger legal framework to modernise the country’s insurance industry. The proposed legislation is designed to improve regulatory oversight, strengthen consumer protection, and align Nigeria’s insurance sector with international best practices.

The bill, which has passed its third reading in the Senate, will establish the Insurance Regulatory Commission as the new industry regulator, replacing the National Insurance Commission. Lawmakers said the existing law no longer reflects the realities of today’s insurance market and requires comprehensive reforms to address emerging challenges and support industry growth.

Under the proposed legislation, the new commission will have broader supervisory and enforcement powers, enabling it to regulate insurance operators more effectively, intervene in distressed institutions, and impose tougher sanctions for regulatory violations. The bill also introduces stronger corporate governance standards and requires greater professional competence for individuals appointed to the commission’s governing board.

According to the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru, the reforms are intended to enhance the stability, integrity, and competitiveness of Nigeria’s insurance industry. He noted that the legislation would create a more comprehensive regulatory framework capable of supporting innovation, improving consumer confidence, and attracting greater investment into the sector.

Industry stakeholders believe the proposed reforms could increase insurance penetration, improve market transparency, and strengthen the resilience of Nigeria’s financial system. However, the bill must still receive concurrence from the House of Representatives and presidential assent before it becomes law.

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Senator Osita Izunaso has called for the continuous review of Nigeria’s capital market laws to ensure they remain responsive to emerging economic realities, technological innovation, and global investment trends. He said modernising the country’s regulatory framework is essential for attracting investment, strengthening market confidence, and supporting long-term economic growth.

Speaking on the importance of legislative reforms, Izunaso noted that the capital market is a critical driver of national development, providing businesses with access to long-term financing while creating wealth-building opportunities for investors. He stressed that outdated laws could limit market efficiency and reduce Nigeria’s competitiveness in the global financial system.

The senator explained that regular updates to capital market legislation would improve investor protection, enhance transparency, encourage innovation, and create a more resilient financial ecosystem. He also emphasised the need for regulations that can accommodate emerging financial technologies and evolving investment products.

According to him, a dynamic legal framework would help strengthen corporate governance, improve market integrity, and increase domestic and foreign investor confidence. He added that effective regulation is vital for sustaining economic expansion and supporting private sector development.

Financial experts have also advocated periodic reforms to Nigeria’s capital market laws, noting that evolving market conditions require regulatory systems that promote efficiency, accountability, and sustainable investment. They believe stronger legal and institutional frameworks will encourage greater participation in the capital market and deepen financial inclusion.

Stakeholders maintain that collaboration between lawmakers, regulators, financial institutions, and market operators will be essential to developing policies that support innovation while maintaining market stability and investor confidence.

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The National Pension Commission (PenCom) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have recovered more than N3 billion in unremitted pension contributions from defaulting employers as part of efforts to enforce compliance with the Pension Reform Act 2014. The recovered funds have been fully remitted into the Retirement Savings Accounts of affected employees.

According to PenCom, the recoveries were achieved through a joint enforcement initiative with the ICPC aimed at addressing pension contribution defaults and safeguarding workers’ retirement savings. The recovered funds were obtained from employers in the electricity sector that failed to fulfil their statutory pension obligations.

PenCom noted that the partnership with the anti-corruption agency has strengthened enforcement efforts and demonstrated the effectiveness of inter-agency collaboration in ensuring compliance with pension laws. The commission disclosed that the ICPC is currently investigating several private-sector employers referred by PenCom for alleged non-compliance with the Pension Reform Act.

The commission reiterated that employers are required by law to deduct and remit pension contributions into employees’ Retirement Savings Accounts within seven working days after salaries are paid. Failure to comply attracts sanctions, including the recovery of outstanding contributions, penalties, and possible prosecution.

PenCom urged employers, particularly those in the private sector, to regularise outstanding pension remittances and fully comply with pension regulations to avoid enforcement actions. The commission reaffirmed its commitment to protecting workers’ retirement savings and promoting compliance with the Contributory Pension Scheme across Nigeria.

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